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Energies
Volume 14
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10.3390/en14061536
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Article

The Impact of Weather Factors on Quotations of Energy Sector Companies on Warsaw Stock Exchange

by
Waldemar Tarczyński
1,
Sebastian Majewski
1,
Małgorzata Tarczyńska-Łuniewska
2,
Agnieszka Majewska
1 and
Grzegorz Mentel
3,*
1
Department of Sustainable Finance and Capital Markets, Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland
2
Department of Econometrics and Statistics, Institute of Economics and Finance, University of Szczecin, 71-101 Szczecin, Poland
3
Department of Quantitative Methods, The Faculty of Management, Rzeszow University of Technology, 35-959 Rzeszow, Poland
*
Author to whom correspondence should be addressed.
Energies 2021, 14(6), 1536; https://doi.org/10.3390/en14061536
Submission received: 4 February 2021 / Revised: 4 March 2021 / Accepted: 5 March 2021 / Published: 10 March 2021
(This article belongs to the Special Issue Financial Development and Energy Consumption Nexus)
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Versions Notes

Abstract

Recent researches on behavioral finance have tested for, among others, evidence for the relations between weather, investors’ mood, and investment decisions. Many of the researches related to the influence of some weather factors, such as sunshine duration on stock exchange returns, but there is no complex research taking into account a wide group of weather factors determining investors’ mood. The main goal of the article is to verify the influence of weather factors on basic market parameters of energy sector companies quoted on the Warsaw Stock Exchange. Rates of return, trading volumes, and values of trading volume are taken into account during the research. All analyses are based on econometric models assuming the existence of typical problems of estimation such as: autocorrelation of residuals, heteroskedasticity, or abnormality of residuals. The best approximation of models was obtained for GARCH (Generalized Autoregressive Conditional Heteroskedasticity) type models.
Keywords: weather; energy sector; econometrics; mood; behavioral finance weather; energy sector; econometrics; mood; behavioral finance

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MDPI and ACS Style

Tarczyński, W.; Majewski, S.; Tarczyńska-Łuniewska, M.; Majewska, A.; Mentel, G. The Impact of Weather Factors on Quotations of Energy Sector Companies on Warsaw Stock Exchange. Energies 2021, 14, 1536. https://doi.org/10.3390/en14061536

AMA Style

Tarczyński W, Majewski S, Tarczyńska-Łuniewska M, Majewska A, Mentel G. The Impact of Weather Factors on Quotations of Energy Sector Companies on Warsaw Stock Exchange. Energies. 2021; 14(6):1536. https://doi.org/10.3390/en14061536

Chicago/Turabian Style

Tarczyński, Waldemar, Sebastian Majewski, Małgorzata Tarczyńska-Łuniewska, Agnieszka Majewska, and Grzegorz Mentel. 2021. "The Impact of Weather Factors on Quotations of Energy Sector Companies on Warsaw Stock Exchange" Energies 14, no. 6: 1536. https://doi.org/10.3390/en14061536

APA Style

Tarczyński, W., Majewski, S., Tarczyńska-Łuniewska, M., Majewska, A., & Mentel, G. (2021). The Impact of Weather Factors on Quotations of Energy Sector Companies on Warsaw Stock Exchange. Energies, 14(6), 1536. https://doi.org/10.3390/en14061536

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